Shareholders of Providus, Unity Banks approve banks’ merger

In a significant development in Nigeria’s banking industry, shareholders of Providus Bank and Unity Bank have endorsed the proposed business combination of the two financial institutions.

The approval, which was given at an Extraordinary General Meeting (EGM) held on Friday, marks a major milestone in the merger process.

The merger is expected to create a stronger and more resilient bank with a wider reach and capacity to support businesses, households and government at all levels. The combined entity will have approximately 230 branches nationwide, making it one of the banks with the most extensive branch networks in Nigeria.

According to a statement jointly signed by the management of Providus Bank and Unity Bank, the merger will not only safeguard jobs but also create new opportunities within a bigger and stronger institution.

The banks expressed appreciation to the Central Bank of Nigeria (CBN) for its foresight and commitment to building a stronger financial system.

The CBN’s support for the merger has reinforced its vision of a sector anchored on resilience and customer confidence, inspiring confidence in businesses, investors, and everyday Nigerians.

“The banks believe that the merger will help drive sustainable growth and support Nigeria’s transition into a trillion-dollar economy.

“The enlarged bank will combine the strengths of both institutions, with Unity Bank’s proud legacy and Providus Bank’s innovative digital banking platforms and customer-centric service excellence,” the statement noted.

The merger is expected to create an institution of scale and substance that will give confidence to customers, strength to the financial system, and create opportunities for Nigerians as well as usher in a new chapter for the banking industry, with a bank that is bigger in ambition, broader in reach, and stronger in capacity.

The banks’ managements have assured that the success of the merger rests not only on systems and balance sheets but also on people, and their contributions will be safeguarded and celebrated.